s huge reactive response derived from its large kinetic inductance allows for deeply subwavelength resonances, although its resonance strength is reduced due to higher dissipative loss damping and smaller dipole coupling. Nevertheless, tightly stacked graphene rings may provide for negative permeability and the electric dipole resonance of graphene meta-atoms turns out to be surprisingly strong. Based on these findings, we present a terahertz modulator based on a metamaterial with a multilayer stack of alternating patterned graphene sheets separated by dielectric spacers. Neighboring graphene flakes are biased against each other, resulting in modulation depths of over 75% at a transmission level of around 90%.